Spotlight

Indian equity markets are likely to open on a steady note, with investors keeping a close watch on the October CPI inflation data scheduled for release later today. This remains the key domestic catalyst, particularly after the recent acceleration in inflation and the RBI’s shift towards a calibrated tightening stance following its October rate hike. A higher-than-expected October print could reinforce concerns over further monetary tightening, while a softer reading may offer some relief to market sentiment. 

Meanwhile, crude oil prices remained relatively stable, with WTI trading around $86 per barrel, offering some relief on the domestic macroeconomic front and helping ease pressure on India's external balance. 

Asian markets opened on a mildly positive note, with Japan’s Nikkei 225 and South Korea’s KOSPI rising over 0.20%, providing modest support to regional market sentiment.  

Technical View

Nifty 50

Nifty 50 continues to maintain its bullish momentum, with the 25,400–25,500 zone emerging as the immediate resistance range. A sustained breakout above this zone could further strengthen the upward momentum and extend the ongoing rally.
 
On the downside, 25,200–25,100 remains the immediate support zone, followed by the crucial support near 24,800. Overall, the near-term outlook remains bullish, although elevated RSI levels and significant Call OI concentration at higher strikes suggest the possibility of intermittent profit-booking and consolidation.

Bank Nifty

Bank Nifty continues to display relative strength, supported by sustained buying interest across banking stocks. The 61,200–61,400 zone remains the immediate resistance range, and a sustained breakout above this band could extend the rally towards the next hurdle at 61,800–62,000.
 
On the downside, 60,200–60,000 is expected to act as the immediate support zone, followed by the next crucial support at 59,400–59,200. A decisive break below the immediate support range could trigger further profit-booking and weaken the near-term momentum. Overall, the near-term outlook remains positive, with sustained trading above 60,000 likely to preserve the bullish bias.